Form 15G & Form 15H: Save TDS on Interest Income
Are you worried about TDS deductions on your interest income when your total income is not taxable? Under Section 194A of the Income Tax Act, banks must deduct TDS if…
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Understanding Deductions Under Section 80CCD of the Income Tax Act
Paying your income tax accurately and on time is essential for the nation’s economic progress. As a responsible taxpayer, it’s important to be aware of the deductions available under the…
Understanding GST on Cross Charge Transactions
The term "cross charge" is not explicitly defined in the GST Act, but it generally refers to the invoicing of goods supplied between distinct entities or persons. What Are Cross-Charge…
Resignation By Auditor Under The Companies Act, 2013
As per the Companies Act, 2013 (“Act”), every company must appoint an auditor to oversee and maintain its financial records. The audit report prepared by an auditor is a crucial…
GST on Directors’ Remuneration
Directors’ remuneration refers to the compensation a company provides to its directors in exchange for their services. This payment may take the form of fees, salary, or the use of…
Indian Trusts Act: Objectives, Registration & Taxation
Creating a trust in India is a legally recognized way to manage and distribute assets for the benefit of individuals or communities. The Indian Trusts Act, 1882 ("the Act") governs…
What is a GST Clearance Certificate: How to Get and Download It?
In India, certain business transactions require a GST Clearance Certificate. Issued by the GST tax authorities, this certificate holds significant importance. In this guide, we will explore everything about the…
Rule 86B of GST: Restriction on ITC Utilisation in Electronic Credit Ledger
The Central Board of Indirect Taxes and Customs (CBIC) introduced Rule 86B through Notification No. 94/2020 dated 22nd December 2020, which came into effect on 1st January 2021. ITC Utilization…
GST on Tours and Travels: HSN Code and GST Rates for Travel Agents
The Goods and Services Tax (GST) on tours and travel services varies based on whether input tax credit (ITC) is claimed. If ITC is not availed, a 5% GST is…
Treatment of Advance Received under GST
An advance refers to an amount received before the actual supply of goods or services. Under GST, the time of supply rules dictate when tax liability arises for such advances.…